Get the keys to your dream home
Posted on 20/10/2016
 

We all dream of owning our own home, but many would agree that it is one of the hardest things to do for someone living and working in Lebanon. The prices of homes in Beirut can be compared to those in the world’s most advanced capitals, such as London, New York and Paris. Although, unlike Londoners, New Yorkers and Parisians, we do not have the salaries to match. Living in a capital city is by nature very expensive, usually making the suburbs a much cheaper option. However in Lebanon, there isn’t a significant price difference between an apartment in Beirut and a similar one in the mountains.

Sometimes, even saving up for the downpayment is incredibly difficult – and it is only a small percentage of the overall price. And many of us tend to forget about the associated payments that accompany buying a home, such as registration fees, interest, insurance, maintenance, utility bills, etc. All of these add up to a substantial sum that you must be able to afford.

Still, the dream of having your own house can come true. It takes hard work, research, planning, saving and sticking to your budget. But it can be done if you’re serious about it!

First thing is working out what you can afford, and setting a savings plan to secure the house deposit. Have a look at your spending habits and create a budget. Then you can identify how much will go towards the deposit each month.

Then, do your research and be realistic. A duplex or a villa in the city probably isn’t possible right now. Look for up-and-coming areas or specific areas that you are interested in and draw a comparison. Try to find a home that will need as little changes and renovations as possible. Weigh up the pros and cons of homes that are only within your budget.

If you want to secure the house deposit as soon as possible, you must make some lifestyle changes to speed up the process. Cut out on unnecessary expenses; pay off your debts; secure freelance work; cut back on social outings and travelling; get rid of credit cards – be strict with yourself, otherwise you may end up trying to save for a long time.

To help reduce any temptations, arrange with your bank to have the amount you want to save transferred to a savings account automatically on payday. You can opt for a Blocked Saving Account so that you can only access the amount upon maturity. 

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